OpenFin has successfully raised $22 million over three funding rounds, with its latest round being a Series B in February 2017. The platform focuses on creating a unified workspace for enterprise productivity, recently rebranding its core products under the name Here™.
Keep reading to explore the intricacies of OpenFin's fundraising journey and the investors backing this innovative platform.
What Is OpenFin?
OpenFin, founded by Mazy Dar and Chuck Doerr, is a global provider of integrated financial information and analytical applications. The company, established in New York City, also has a presence in London.
Specializing in developing an operating system for financial services, OpenFin enables the creation of multi-window desktop applications that resemble native apps. Their technology is deployed across thousands of industry apps to over 1500 sell-side and buy-side firms.
With a team of 51-200 employees, OpenFin continues to innovate in the realm of enterprise productivity, recently rebranding its core products under the name Here™.
How Much Funding Has OpenFin Raised?
- Amount Raised: $3 million
- Date: April 22, 2015
- Lead Investors: Bain Capital Ventures, Nyca Partners, Pivot Investment Partners
- Motivation Behind the Round: The funds were raised for product development and expanding the engineering team in New York and London.
- Amount Raised: $15 million
- Date: February 16, 2017
- Lead Investors: JPMorgan, DRW, Euclid Opportunities
- Motivation Behind the Round: The funding aimed to double the headcount from 25 to 50 within a year and support the company's vision to become the industry-wide operating layer for financial applications.
OpenFin has raised a total of $18 million in funding. The current valuation is $100 million (~estimated).
Key Investors
- JPMorgan
- Details: JPMorgan is a leading global financial services firm and one of the largest banking institutions in the United States. It offers a wide range of financial services, including investment banking, asset management, and private banking.
- Investment Focus Areas: Financial services, banking technology, fintech.
- Notable Investments: Various fintech startups, financial technology innovations.
- DRW
- Details: DRW is a high-speed trading firm that leverages technology to trade across various asset classes. The firm is known for its innovative approach to trading and financial markets.
- Investment Focus Areas: High-speed trading, financial technology, market infrastructure.
- Notable Investments: High-speed trading technologies, trading platforms.
- Euclid Opportunities
- Details: Euclid Opportunities is a venture capital firm focused on fintech investments. It aims to support companies that are transforming the financial services industry.
- Investment Focus Areas: Fintech, financial services, technology infrastructure.
- Notable Investments: Multiple fintech startups.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture arm of Bain Capital, managing approximately $2 billion of committed capital. It has a history of investing in early-stage companies since 1984.
- Investment Focus Areas: Early-stage companies, IT, software companies.
- Notable Investments: DocuSign, LinkedIn, SurveyMonkey.
- Nyca Partners
- Details: Nyca Partners is a venture capital and advisory firm focused on innovation in financial services. The firm has deep connections in both finance and technology sectors.
- Investment Focus Areas: Financial services innovation, payments, credit models, financial infrastructure.
- Notable Investments: Acorns, Affirm, Digit.
What's Next for OpenFin?
OpenFin stands at the cusp of a significant opportunity, aiming to become the industry-wide operating layer for financial desktop applications. With a user base already spanning over 100,000 desktops and 35 investment banks, the potential for growth is immense. The financial industry's annual IT spend of over $40 billion further underscores the vast market OpenFin can tap into.
Future fundraising efforts will likely be driven by the need to scale operations and enhance technology. The backing from prominent investors like JPMorgan and Bain Capital Ventures suggests strong confidence in OpenFin's vision. However, challenges such as ensuring robust security and achieving widespread adoption remain. Navigating these hurdles will be crucial as OpenFin continues its journey towards becoming the financial sector's default operating system.
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